The European Union should commit to slash its net greenhouse gas emissions by as much as 95% by 2040, official advisers said on Thursday, as Brussels prepares a new goal to curb Europe's contribution to climate change. The European Commission is drafting what would be the EU's first legally binding emissions-cutting target for 2040, aimed at guiding the world's third-biggest economy towards its aim to have zero net emissions by 2050. The EU's advisory board on climate change said the goal should be a 90% to 95% cut in net emissions by 2040, compared with 1990 levels.